Dhaka, Bangladesh (BBN) – The BBN (Bangladesh Business News) has prepared the morning business round up compiling reports, published by different newspapers and news portals in Bangladesh.
NPL enervates banking but economic activities buzzing
Banking sector created some concerns, mainly for enervating spike in classified loans, in the first quarter (Q1) of this fiscal although country’s overall economic activity gathered momentum. The central bank released the measure of macroeconomic conditions in its latest Bangladesh Bank Quarterly (BBQ) for the July-September 2016 period.
Average lending rates fall to single digit in Bangladesh
Average interest rates on lending came down to single-digit levels in November for the first time in Bangladesh following constant persuasion of bankers by the central bank, officials said. The weighted average interest rates on lending fell to 9.94 per cent in November last from 10.03 per cent in the previous month while interest rates on deposits also came down to 5.29 per cent from 5.33 per cent, according to the central bank latest statistics.
Internet, social media blackout costs $69m
Bangladesh lost $69 million due to internet shutdowns spreading over more than four weeks in the year that ended last June, according to a report by the Centre for Technology Innovation at Washington-based Brookings Institution. The estimate is conservative and considers only reductions in economic activity and does not account for tax losses or drops in investor, business and consumer confidence, said the century-old research organisation.
Bankers meeting on good borrowers incentive policy today
Bangladesh Bank will discuss the non-compliance issue on good borrowers’ incentive policy at the bankers meeting scheduled to be held at its headquarters in the city today. “The issue will be raised at the meeting as most banks are reluctant to comply with the policy,” said a senior executive of the central bank. He said banks are unhappy with the new policy, saying it will hurt their profit.
Bangladesh’s stocks end higher for 7th day
Bangladesh’s stocks extended their rally for the seventh session in a row as investors continued their buying spree on large-cap stocks amid optimism. Brokers said the market maintained the upbeat trend having optimistic support of large-cap stocks amid growing confidence of investors, taking the prime index of the premier bourse to fresh 26 months’ high with high turnover.
Govt bans local ads on downlinked foreign channels
The government on Monday imposed a ban on advertisement of local products in the foreign television channels which are downlinked in Bangladesh. The ban was imposed according to the article 19(13) of the Cable TV Network Operation Act 2006, said a press statement of the ministry of information affairs.
Alliance condemns arrest of labour leaders
The Alliance for Bangladesh Worker Safety, a building inspection agency of 28 North American retailers and brands, condemned the arrest and detention of labour leaders after the recent unrest at Ashulia-based garment factories. “We are deeply troubled by reports of the detention and interrogation of nearly a dozen labour rights leaders by the Bangladesh government,” the Alliance said in a statement.
Petrobangla, Summit may initial deal on LNG terminal today
State-run Petrobangla (Bangladesh Oil, Gas & Mineral Corporation) is likely to initial its second contract today with Summit, a local private firm, on the use of a floating terminal to be set up at offshore island Moheshkhali in Cox’s Bazar. ‘We have prepared the draft contract… if everything goes well, Petrobangla and Summit will initial the contract tomorrow,’ an energy division official told New Age on Monday.